In the last five years, the housing market has seen an increasedtrend of high-end luxury apartments for students in college townsacross the country. That is according to Michael Rothstein,a member of Dykema's Chicago office, who practices in the realestate department focusing on acquisitions, dispositions andfinance. “One of the causes of this trend stems from colleges anduniversities experiencing budget constraints looking for moreinvolvement by private developers in order to focus their funds onacademic programs.”
Another reason, he says, is the mere popularity and convenienceto college students of having amenities, such as game rooms, poolsand fitness centers, all within their apartment building.“Institutions seeking to finance such projects should considerfactors such as whether the developer has experience in these typesof developments, the subject market (including trends in studentenrollment) and the proximity of the location to the universitycampus.”
In the exclusive commentary below, Rothstein takes a closerlook at the subject. The views expressed below are the author'sown.
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